Apple Stock Bounces Off Low
Companies / Company Chart Analysis Feb 17, 2011 - 03:42 PM GMTBy: Mike_Paulenoff
Two conflicting stories today that Steve Jobs has been seen coming out of a cancer/chemo clinic looking very thin and gaunt. On the other hand, the press keeps reporting that President Obama will meet with technology executives on the West Coast today, including Jobs, Zuckerberg and Schmidt.
The violent sell-off last evening into this morning pressed Apple (AAPL) to 351.17 from 363.13, prior to the rebound to 358-360 (in anticipation of his meeting with Obama, which could imply that his health had not deteriorated).
In any case, as long as key month-long trendline support at 352.30 contains any additional selling pressure, I will have to conclude that the uptrend off of the January lows at 326.00 remains intact and dominant.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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